Examlex
Which of these statements is FALSE?
General Partner
A type of ownership in a partnership where the general partner is responsible for the management of the partnership and is personally liable for its debts.
Limited Partnership
A partnership where some members have limited liabilities to the amount they invest, while at least one partner has unlimited liability.
Extinguishing
The act of putting an end to something, such as extinguishing a debt, a legal obligation, or a fire.
Dissolution
Dissolution is the process of formally ending the existence of a legal entity such as a company or partnership.
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